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Indian Bank raises Rs 110 crore through bonds

Press Trust of India  |  New Delhi 

said Wednesday that it has raised Rs 110 crore through bonds.

The Basel III Compliant Tier 2 bonds, with a coupon rate of 8.85 per cent per annum, were raised on Tuesday. The bonds have tenor at 10 years and call option after completion of 5 years on private placement basis, an statement said.

According to the statement, the credit rating assigned to these bonds is "CRISIL AAA/Stable" and "CARE AAA".

Earlier in August 2016, the bank's board had approved the proposal to raise Basel III Compliant and/or Tier 2 Bonds up to Rs 1,000 crore in one or more tranches in the current or subsequent years based on requirement.

Last month, the had successfully raised Rs 290 crore under Basel III Compliant Tier 2 Bonds.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, November 07 2018. 13:40 IST
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